14,700 pre-tax salary: don't quite understand this!

bubbleoflife_2

I was reading on the 'Best Bank Accounts ' page that

'This needn't stay in the account, nor must you be in-credit. This effectively sets a minimum earnings threshold eg.

£1,000/month ‘pay-in’ = £14,700 pre-tax salary

As then your take-home pay fulfills the pay-in rules. From here on, all min pay-ins are converted into min earnings. With work, you can cheat this rule; withdraw some money each month and pay it back in e.g. if you earn £900 a month, pay your salary in, withdraw £100 and re-deposit it.'


But is this for credit ratings or .... sorry, don't get it!

Cmdr_Bond

Certain banks require a through put of a set figure - some give you perks (Lloyds Vantage = higher interest rate, Halifax £5 reward) and others charge you (First Direct charges I think £10 a month - unless you have some of their other products)

You just need to make sure whatever the minimum amount required to go through the account does - even if, as the article states you withdraw/transfer it just to pay it back in.

jonesMUFCforever

They are cherry picking certain types of customers they think they need.
Their systems are not sophisticated enough to differentiate between what customers who earn less than the threshold are doing eg take out some money and then pay it back in again.
It's not for credit rating as such.